Demand for rental housing across the country remains very strong but why are your property management rentals not picking up? There are many factors to why a rental property could be on the market for an extended period of time. Is there a way for you to minimize your days on the market while maximizing your income at the same time?
The coveted sweet spot in rental prices is what you are looking for. Finding the best possible price will lead you to quickly renting out your property. MYND property management has a full team of expert property managers who are dedicated to finding the best rental value of your property. But what if you are doing this without the help of a property management company? What tools or methods can you use to find your rental property’s sweet spot?
How to Determine the Best Price for your Property Management Rentals
A property manager’s job is never easy, so never underestimate the help that property management companies can provide you with. Here are five helpful ways of finding the best rates for your property management rentals.
- Ask a local property management company.
Even if you’re managing your own rentals, there’s no rule that says you can’t seek the help of the experts in the field. Many property management companies are willing to sit down on a consultation session with you so try to maximize those types of meetings. There are some of them that are willing to do a rental analysis for you for free. Use their professional resources if you possibly can.
- Search the market.
There are many property management websites out there that can help you out. There also other sites like Zillow, Trulia, and Hotpads that allow you to search the history of homes that are rented in your area. They even will give you the rental price of each home. You can use the data you obtained from these places to determine the best rental price for your property.
- Talk to your current tenants.
There should be nothing stopping you to seeking the views and opinions of your own tenants. Find out what they think is a reasonable price for your property. For those who are looking to move out of your property, ask where they’re transferring to and what their rental rates will be. Of course, you should also ask them why they are moving in the first place.
- Market your property.
Market your property everywhere. There are plenty of free advertising sites like Zillow and Postlets that you can take advantage of. Talk to as many potential tenants as possible. Attend to as many inquiries as you can handle.
- Start your rent high then work down.
Price your property aggressively at first then quickly lower if needed. Be attentive to your leads and lower your price if you are not getting them. Always remember that there are many other property management rentals out there, which you might as well treat as your direct competitors.